Morgan County, Kentucky Housing Market Prices
Morgan County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 56% below the Kentucky median Cheaper than 74% of counties in Kentucky$51,667
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Median rent 31% below the Kentucky median Cheaper than 84% of counties in Kentucky$662
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Morgan County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $51,667 | $118,017 | $248,835 |
| Price Trend (Annual %) | -3.5% | 3.8% | 7.5% |
| Median Gross Rent | $662 | $967 | $1,407 |
| Rent Trend (Annual %) | 2.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 56% lower than in Kentucky. Rent is about 31% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Morgan County: home prices fell about 3.5% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
Median rent in Morgan County rose about 31.4% between 2015 and 2024, from $504 to $662. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 6.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Morgan County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Morgan County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $51,667 | $118,017 | $248,835 |
| Median Household Income | $48,527 | $64,312 | $80,455 |
| Price-to-Income Ratio | 1.1 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morgan County fell about 30.1%, while median household income rose about 45.9% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Morgan County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 61.3% | 58.5% |
| Rental Rate | 18.1% | 28.4% | 31.2% |
| Vacancy Rate | 14.1% | 10.3% | 10.2% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Morgan County has a homeownership rate of 67.8%, higher than the Kentucky average of 61.3%. Its housing vacancy rate is 14.1%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Morgan County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Morgan County was built around 1989. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Morgan County, KY Housing Compared With Nearby Counties
How Morgan County, KY compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Morgan County, KY | 14,053 | $51,667 #2/3 | $662 #2/3 | 78.9% #2/3 |
| Elliott County, KY | 7,307 | $7,651 | $432 | 81.7% |
| Menifee County, KY | 6,230 | $130,288 | $674 | 75.5% |
Frequently Asked Questions
Common questions about the housing market in Morgan County, Kentucky.
What is the median home price in Morgan County, Kentucky?
The median home price in Morgan County, Kentucky is $51,667, lower than the Kentucky average of $118,017.
What is the average home price in Morgan County, Kentucky?
The typical home price in Morgan County, Kentucky, reported as the median sale price, is $51,667. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Morgan County, Kentucky?
The median gross rent in Morgan County, Kentucky is $662 per month, lower than the Kentucky average of $967.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Kentucky was $581 per month.
What is the price-to-rent ratio in Morgan County, Kentucky?
The price-to-rent ratio in Morgan County, Kentucky is about 6.5, meaning it would take roughly 6.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Morgan County.
Are home prices or rent rising faster in Morgan County, Kentucky?
Home prices and rent are moving in opposite directions in Morgan County: home prices fell about 3.5% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Morgan County, Kentucky?
67.8% of households in Morgan County, Kentucky own their home, higher than the Kentucky average of 61.3%.
What is the vacancy rate in Morgan County, Kentucky?
The housing vacancy rate in Morgan County, Kentucky is 14.1%, higher than the Kentucky average of 10.3%.
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